To use Mark Steyn’s cutting phrase, the “Brokest Nation in History” took in an unprecedented $3 trillion this fiscal year. And yet, during that same period, the federal government also spent hundreds of billions of dollars more than it collected.
CNS News' Ali Meyer broke down the figures:
Inflation-adjusted federal tax revenues not only hit a record high in fiscal 2014, but marked the first time that tax revenues have ever topped $3 trillion, according to the latest Monthly Treasury Statement. In fiscal year 2014, inflation-adjusted federal tax revenues hit a record $3,020,848,000,000, but the federal government still ran a $483,350,000,000 deficit during that time.
Moreover, tax revenues (when adjusted for inflation) are about 115 percent higher today than they were when Jimmy Carter was president:
To get a historical perspective on government tax revenues recorded more than 30 years ago, in 1977, the federal government collected $1,400,661,760,000 in inflation-adjusted revenue in fiscal year 1977. This means that since then, revenues have more than doubled, increasing by 115.7 percent.
President Obama once allegedly said “we don’t have a spending problem.” We can't know with certainty if he said this, but if he did, perhaps he should consult his own Treasury Department's most recent monthly statement.
By their count, the nation is clearly on the path to insolvency.